i need 20 year life assurance

cadmus

my wife has insisted i take a 20 year life assurance policy . either one that pays £50k if i pop my cloggs or a £12k a year ( 1k month family income benefit policy ).
a very close friend of hers has suddenly died at 40 and my wife got thinking what would happen if i passed away . she would not be able to afford the upkeep of our house we own and i think shes making sence .
im 45 , never smoked . do not drink ,. exercise regular . im not overweight and think im in good health .
i have been given two quotes .....
50k of level term assurance over 20 yrs cost £9.90
or 12k family income benefit over 20 yrs cost £17.90
are these fair price quotes or not . also is a lump sum better then and regular monthly income . its that if i popped it early the 12k a year would be better as it would pay out more long term but if i popped it later , i think the lump sum would be better and thst policy is nearly half the cost.
any advice guys would be realy appreciated

stephenni1971

cadmus wrote: »

any advice guys would be realy appreciated

You wont find advice here - but a few points you may want to consider...

You should at assess what your wife's needs would be in the event of your death - if as you suggest that its £12k per annum then a 50k lump sum is nowhere near enough to generate that sort of income.

Do you need then money to pay off a mortgage, loans or other debts? If so then a lump sum amount may be appropriate.

Do you need the money to pay normal living expenses utilities, food, council tax, transport etc? If so then a regular monthly income ( Family Income Benefit ) may be more appropriate.

In many cases a combination of BOTH types of policy are most suited to covering expected needs.

jonesMUFCforever

I was going to suggest that OP needs both - but first should see an independent financial advisor for a full fact find.